Connect with us
  • tg

Cryptocurrency

Bitcoin Accumulation Trend Hits 3-Year High As Cardano and NuggetRush Show Positive Signs

letizo News

Published

on

As a major bull market is speculated for Bitcoin (BTC), investors have been on an accumulation spree, with purchases reaching a three-year high.

Currently, Cardano (ADA) and NuggetRush (NUGX) have emerged as interesting coins as well.

>> Visit NuggetRush Presale <<

Bitcoin (BTC) Accumulation Trend Hits 3-Year High

Although January offered a mix of bullish and bearish sentiments, crypto investors appear to be expecting a major bullish trend in 2024. This can be seen as Bitcoin records its biggest accumulation streak in over three years.

As reported by Ali Martinez, the Accumulation Trend Score of Bitcoin has remained near 1 for the past four months. This, he notes, reflects a growing confidence in Bitcoin. It is also one of the Bitcoin ETF market effects, as 67 new entities have gulped up over 1,000 BTCs in just two weeks.

This accumulation also comes just weeks before the fourth Bitcoin halving event. Although BTC has been hovering around the $43,000 level, many experts expect its price to top $100,000 before the end of 2024.

NuggetRush (NUGX) Emerges as a GameFi Market Alternative

With Bitcoin leading the way, the rest of the crypto market tends to follow. In the GameFi market, NuggetRush (NUGX) has emerged as an interesting alternative because of its unique attributes.

The game was based on the famous gold rush model. Players will enter the hyperrealistic virtual world in search of gold and other precious metals. They will build their mining operation as they search for these treasures. The game requires mining knowledge, which would be provided by some of the coolest NFTs in the gaming space.

The greater the knowledge and equipment a player has at his disposal, the better their chances of finding these treasures, which can be converted to real gold and cash.

Players can also receive the ERC20 coins of the platform NUGX for their accomplishments. NUGX is priced at $0.018 per coin during its presale.

>> Visit NuggetRush Presale <<

Cardano (ADA) Could Surge By 40% in the Coming Weeks

Cardano (ADA), like most of the crypto market, struggled in January. The altcoin dropped more than 20% of its value in January alone. Despite its poor start to the year, market analyst and trader Crypto ZX has said that things could change in the coming weeks.

The analyst has noted that ADA could experience a 40% breakout if it manages to hold above the $0.4500 support in the coming days. If this happens, then the altcoin price could recover the $0.600 resistance for the first time since mid-January.

The Bitcoin accumulation trend, at a 3-year high, presents a bullish outline for the crypto market. Cardano and NuggetRush have emerged as altcoins to watch as well.

Visit the NuggetRush Presale Website

Disclaimer: CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.

Readers are also advised to read CryptoPotato’s full disclaimer.

SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

Cryptocurrency

BTC Rejected Off $64,000 As Crypto Market Suffers $600 Million Of Liquidations

letizo News

Published

on

The price of Bitcoin (BTC) experienced massive volatility on Wednesday, soaring to nearly $64,000 before sinking again to $60,500 within one hour.

Amid the chaos, crypto traders have experienced $638 million in liquidation over the past 24 hours, including $391 million of liquidations in the past 4 hours alone.

  • According to Coinglass, about $55 million of liquidations in the last hour impacted a consortium of little-known altcoins, while $96 million was liquidated on BTC trades directly.
  • Meanwhile, ETH traders suffered $45 million of liquidations, and DOGE traders lost $29 million.
  • In the past 24 hours, a massive 168,988 traders were liquidated. The largest single liquidation occurred on OKX on a BTC-USDT trade for $9.45 million.
  • The price of BTC is $61,400 at writing time, up 21% within the past five days alone.
  • Many credit the asset’s recent surge to the launch of several bitcoin ETFs last month.
  • BlackRock’s Bitcoin ETF – the largest of all newcomers – now holds over $8 billion in BTC, and absorbed a record $520 million of flows on Tuesday.
Bitcoin / USD. Source: TradingView
SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
Continue Reading

Cryptocurrency

BlackRock Bitcoin ETF Smashes Daily Inflow Record, Ranks 2nd In United States

letizo News

Published

on

BlackRock’s Bitcoin (BTC) ETF has cracked a new daily inflow record, helping push Bitcoin’s above $60,000 for the first time since November 2021.

The iShares Bitcoin Trust (IBIT) absorbed another $520 million on Tuesday, bringing the fund’s total flows since launch above $6.5 billion. Furthermore, thanks to Bitcoin’s rising price during that period, the value of the firm’s Bitcoin stash has appreciated to over $8 billion.

BlackRock Breaking Record

By comparison, Fidelity’s Bitcoin ETF now holds $5.6 billion in BTC, but absorbed a much smaller $126 million flow on Tuesday.

Meanwhile, Grayscale – IBIT’s largest competitor – suffered another $125 million of outflows. Though Grayscale still bears a significant lead in total assets at $25 billion, BlackRock’s ETF is slowly gaining ground against the incumbent fund due to its much lower management fee.

According to Bloomberg ETF analyst Eric Balchunas, BlackRock’s stellar inflow figure made it the number two ETF for inflows in the United States yesterday, only behind BlackRock’s iShares Core S&P 500 ETF (IVV).

“This means a good portion of that massive volume was new buying vs arb/algo,” Balchunas wrote to X on Tuesday.

The analyst also noted that individual trades for IBIT’s ETF surpassed those of both the SPY and QQQ. This suggests that a large component of buyers trading the ETFs are retail-based – an unexpected finding given the ETF’s popularity as an institutional trading ground.

Bitcoin ETFs And Surging Price

The price of Bitcoin has skyrocketed by over 25% in the past five days, now trading at over $63,000 at writing time. Many analysts credit its success to the launch of Bitcoin spot ETFs, which have collectively absorbed over $6.7 billion of flows since going live on January 11.

After 30 days, BlackRock and Fidelity’s Bitcoin funds had already broken records as the two most successful ETF launches in history based on flows. BlackRock also tapped a new daily high for trading volume on Monday, surpassing $1.3 billion and entering into the top 11 ETFs in the country by volume.

Bitcoin now approaches its all-time high of $69,000 USD, though, in some currency denominations, it has already broken its prior records. For instance, one BTC is now worth over 95,000 Australian dollars, compared to $87,000 at its peak in November 2021.

SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
Continue Reading

Cryptocurrency

3 Catalysts That Suggest More Gains for Bitcoin After Price Broke $60K

letizo News

Published

on

Bitcoin surged above $61,000 on Wednesday, marking its highest level since November 2021. The rally seems fueled by significant inflows into US-based spot Bitcoin ETFs.

With bullish momentum building, all eyes are on the leading crypto asset’s trajectory, and data suggest that it might be able to break its previously established all-time high of $69,045.

MVRV Ratio Signals Buying Opportunity

The MVRV Ratio, derived from dividing an asset’s market capitalization by its realized capitalization, serves as a pivotal metric in cryptocurrency trading. When below 1, it indicates most holders are at a loss, signaling a potential buying opportunity.

On the other hand, a rising ratio suggests increased profit-taking, potentially leading to selling pressure and market corrections.

Historically, an MVRV Ratio nearing 4 signaled market tops, though this threshold has decreased in each cycle. According to Intotheblock’s latest observation, the value stands at 2.22, essentially hinting at a bullish market that is not yet excessively overheated.

Bitcoin MVRV. Source: ITB
Bitcoin MVRV. Source: ITB

Subdued Retail Crowd

Despite Bitcoin’s remarkable price movement, current data suggests an absence of retail investors. While there has been a rise in the number of new addresses, Intotheblock said it is likely attributed to active market participants engaging with Ordinals.

However, new addresses have since declined and remain relatively consistent. The same pattern is observed with active addresses. Both Google trends and app store data show no significant surge in retail interest yet.

On-chain volume is gradually increasing, reminiscent of the early phases of the 2021 bull market, but it has not reached the frenzy levels seen during the peak.

This implies that institutional investors might be driving this phase, with attention focused on ETFs as potential accumulators.

Meanwhile, those monitoring altcoins are speculating on whether renewed retail interest will shift Bitcoin’s upward trend towards broader market movements. However, the upcoming halving could change this dynamic and push the crypto asset to a new peak.

Bitcoin Halving: A Major Catalyst

The analysis from ITB suggests that the upcoming Bitcoin halving in April typically triggers a surge in price according to historical patterns. However, in the current cycle, the price rally has occurred earlier than anticipated.

This deviation may imply that investors are aware of the potential impact of the halving and are adjusting their investments accordingly ahead of time. In short, these market players are anticipating and acting upon the expected price movement associated with the halving event well before it actually takes place.

Bitcoin Price History. Source: ITB
Bitcoin Price History. Source: ITB
SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
Continue Reading

Trending

©2021-2024 Letizo All Rights Reserved